SEI INSTITUTIONAL MANAGED TRUST

Transcription

1 SEI INSTITUTIONAL MANAGED TRUST Multi-Asset Inflation Managed Fund (the Fund ) Supplement Dated May 18, 2018 to the Class F Prospectus dated January 31, 2018, as amended on May 3, 2018 This Supplement provides new and additional information beyond that contained in the Prospectus and should be read in conjunction with such Prospectus. The Prospectus is hereby amended and supplemented to reflect the following changes to the Fund. Change in Portfolio Management of the Multi-Asset Inflation Managed Fund In the section titled Sub-Advisers, under the sub-section titled Sub-Advisers and Portfolio Managers, under the heading titled Multi-Asset Inflation Managed Fund, the following is added as the fourth paragraph thereunder: INFLATION COMMODITY STRATEGY SUBSIDIARY LTD. Columbia Management Investment Advisers, LLC: Columbia Management Investment Advisers, LLC (Columbia Management), located at 225 Franklin Street, Boston, MA 02110, serves as a Sub-Adviser to Inflation Commodity Strategy Subsidiary Ltd., which is organized under the laws of the Cayman Islands, and is a wholly-owned subsidiary of the Multi-Asset Inflation Managed Fund. Columbia Management has delegated certain of its duties, including day-to-day portfolio management to Threadneedle International Ltd. ( Threadneedle ), as a sub-adviser, which determines what securities and other investments should be bought or sold. Threadneedle is located at Cannon Place, 78 Cannon Street, London EC4N 6AG, United Kingdom. Threadneedle is a registered investment adviser, an affiliate of Columbia Management, and an indirect wholly-owned subsidiary of Ameriprise Financial, Inc. Threadneedle was founded in David Donora is a Portfolio Manager and Head of Commodities at Threadneedle. Mr. Donora joined Threadneedle in 2008 as a Fund Manager specializing in commodities. Prior to joining Threadneedle, Mr. Donora worked at Marine Midland Bank, UBS AG, Canadian Imperial Bank of Commerce and Refco Overseas Ltd. Mr. Donora began his investment career in 1982 and earned a B.A. in Finance from the University of Notre Dame. Nicolas Robin is a Portfolio Manager at Threadneedle. Mr. Robin joined Threadneedle in 2010 as a Fund Manager specializing in commodities. Prior to joining Threadneedle, Mr. Robin worked at Barep Asset Management (Société Générale Group) and JPMorgan Chase & Co. Mr. Robin began his investment career in 2001 and earned a BSc in Government and Economics and MSc in Political Theory from the London School of Economics. There are no other changes to the Prospectus. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE SEI-F-1155 (5/18)

2 SEI INSTITUTIONAL MANAGED TRUST Multi-Asset Income Fund Multi-Asset Capital Stability Fund (the Funds ) Supplement Dated May 3, 2018 to the Class F Prospectus dated January 31, 2018 This Supplement provides new and additional information beyond that contained in the Prospectus and should be read in conjunction with such Prospectus. The Prospectus is hereby amended and supplemented to reflect the following changes to the Funds. Change in Portfolio Management of the Multi-Asset Income Fund In the Fund Summary for the Multi-Asset Income Fund, under the heading titled Management, in the chart under the sub-heading titled Sub- Advisers and Portfolio Managers, the following text is hereby added in the appropriate alphabetical order thereof: Experience with Sub-Adviser Portfolio Manager the Fund Title with Sub-Adviser Western Asset Management Company S. Kenneth Leech Since 2018 Chief Investment Officer, Portfolio Manager Michael C. Buchanan, CFA Since 2018 Deputy Chief Investment Officer, Portfolio Manager Mark S. Lindbloom Since 2018 Portfolio Manager Western Asset Management Company Limited S. Kenneth Leech Since 2018 Chief Investment Officer, Portfolio Manager Annabel Rudebeck Since 2018 Head of Non-US Credit, Portfolio Manager In addition, under the section titled Sub-Advisers, under the sub-section titled Sub-Advisers and Portfolio Managers, under the heading titled Multi-Asset Income Fund, the following text is hereby added in the appropriate alphabetical order thereof: Western Asset Management Company: Western Asset Management Company (Western Asset), located at 385 East Colorado Boulevard, Pasadena, California 91101, serves as a Sub-Adviser to the Multi-Asset Income Fund. A team of investment professionals led by Chief Investment Officer S. Kenneth Leach, Deputy Chief Investment Officer Michael C. Buchanan, CFA, and Portfolio Manager Mark S. Lindbloom manages the portion of the Multi-Asset Income Fund s assets allocated to Western Asset. Mr. Leech joined Western Asset in 1990, while both Mr. Buchanan and Mr. Lindbloom joined in Western Asset Management Company Limited: Western Asset Management Company Limited (Western Asset Limited), located at 10 Exchange Square, Primrose Street, London EC2A 2EN, United Kingdom, serves as a Sub-Adviser to the Multi-Asset Income Fund. A team of investment professionals led by Chief Investment Officer S. Kenneth Leach and Head of Non-US Credit Annabel Rudebeck manages the portion of the Multi-Asset Income Fund s assets allocated to Western Asset Limited. Mr. Leech joined Western Asset companies in 1990, while Ms. Rudebeck joined in Prior to joining the firm, Ms. Rudebeck spent 12 years at Rogge Global Partners. Mr. Leech and Ms. Rudebeck have 41 years and 19 years of industry experience, respectively. Change in Portfolio Management of the Multi-Asset Capital Stability Fund In the Fund Summary for the Multi-Asset Capital Stability Fund, under the heading titled Management, in the chart under the sub-heading titled Sub-Advisers and Portfolio Managers, the following text is hereby added in the appropriate alphabetical order thereof: Experience with Sub-Adviser Portfolio Manager the Fund Title with Sub-Adviser Janus Capital Management LLC Ashwin Alankar, Ph.D. Since 2018 Head of Global Asset Allocation & Portfolio Manager Enrique Chang Since 2018 Global Chief Investment Officer & Portfolio Manager Eric Przybylinski, CFA, CAIA Since 2018 Strategist & Portfolio Manager Edward Parcell Since 2018 Strategist & Portfolio Manager

3 In addition, under the section titled Sub-Advisers, under the sub-section titled Sub-Advisers and Portfolio Managers, under the heading titled Multi-Asset Capital Stability Fund, the following text is hereby added in the appropriate alphabetical order thereof: Janus Capital Management LLC: Janus Capital Management LLC (Janus), located at 151 Detroit Street, Denver, Colorado 80206, serves as a Sub- Adviser to the Multi-Asset Capital Stability Fund. A team of investment professionals manages the portion of the Multi-Asset Capital Stability Fund s assets allocated to Janus. Janus Capital Management LLC is a wholly owned indirect subsidiary of Janus Henderson Group plc, a publicly traded independent asset management firm incorporated in Jersey, Channel Islands, which does business as Janus Henderson Investors. Ashwin Alankar, Ph.D. is Head of Global Asset Allocation at Janus Henderson Investors. In this role, he is responsible for defining short- and long-term approaches to asset allocation. He also co-manages the Adaptive Allocation and Diversified Alternatives strategies. Prior to joining Janus in 2014, Dr. Alankar served from 2010 to 2014 as co-chief investment officer of quantitative investment strategies at AllianceBernstein. From 2003 to 2010, he was a partner and capital allocation committee member for Platinum Grove Asset Management. Dr. Alankar s experience also includes serving as a consultant in the financial litigation division of the Law and Economics Consulting Group from 2001 to Dr. Alankar earned a bachelor of science degree in chemical engineering and mathematics and a master of science degree in chemical engineering, all from the Massachusetts Institute of Technology. He also holds a Ph.D. in finance from the University of California Berkeley Haas School of Business. Dr. Alankar has 17 years of financial industry experience. Enrique Chang is Global Chief Investment Officer at Janus Henderson Investors, a position he has held since the merger of Janus and Henderson in Prior to the merger, Mr. Chang was President, Head of Investments. In his current role, he leads Janus Henderson Investors global investment team. Mr. Chang is also a Portfolio Manager on the Janus Henderson Global Allocation strategies and a member of the Janus Henderson Executive Committee. He previously served as chief investment officer and executive vice president for American Century Investments. Mr. Chang joined American Century in 2006 and was named CIO in January Additionally, he was a director of the corporate board. Mr. Chang was also a member of the firm s asset allocation committee and investment management senior leadership team. He previously was the CIO responsible for global and non-u.s. equity. Before American Century, Mr. Chang was president and chief investment officer for Munder Capital Management. Earlier in his career, he held a number of senior investment management positions at Vantage Global Advisor, J&W Seligman and Co., and General Reinsurance Corp. Mr. Chang earned a bachelor of arts degree in mathematics from Fairleigh Dickinson University, and an MBA in finance/quantitative analysis, and an MS in statistics and operations research from New York University. He has 30 years of financial industry experience. Eric Przybylinski, CFA, CAIA is a Strategist and Portfolio Manager at Janus Henderson Investors, responsible for conducting quantitative research for the asset allocation platform. Mr. Przybylinski joined Janus in 2013 as an institutional client strategist and conducted research to address core issues and identify solutions for institutional investors. Before Janus, Mr. Przybylinski served as a senior research analyst at Marquette Associates in Chicago, generating capital markets and macroeconomic research for the institutional client base. Mr. Przybylinski received his bachelor of science degree in economics and psychology from the University of Florida. He also earned his master of science degree in applied statistics from Texas A&M University. He holds the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations and has 9 years of financial industry experience. Edward Parcell is a Strategist and Portfolio Manager at Janus Henderson Investors. In this role, he conducts quantitative research for the firm s asset allocation platform, a position he has held since Prior to joining Janus in 2014, Mr. Parcell served as a quantitative developer at AVM LP, a Florida-based fixed income and credit broker/dealer and fund, where he worked with the rates trading desk as a member of the technology team. Before that, he was a quantitative analyst with UBS. His experience also includes launching a quantitative software and services company and working as a quantitative analyst with Brevan Howard, a director with the methodology group at Derivative Fitch and a quantitative analyst with Reoch Credit Partners. He also was an assistant actuarial consultant with Hewitt Associates. Mr. Parcell holds a bachelor of science degree from Trinity College, Cambridge, where he studied mathematics. He also received his diploma in actuarial techniques from the Institute of Actuaries. Mr. Parcell has published numerous industry papers and has 15 years of financial industry experience. There are no other changes to the Prospectus. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE SEI-F-1149 (5/18)

4 January 31, 2018 PROSPECTUS SEI Institutional Managed Trust Class F Shares Multi-Asset Accumulation Fund (SAAAX) Multi-Asset Income Fund (SIOAX) Multi-Asset Inflation Managed Fund (SIFAX) Multi-Asset Capital Stability Fund (SCLAX) The Securities and Exchange Commission and the Commodity Futures Trading Commission have not approved or disapproved these securities or this pool, or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. Not all Funds appearing in this prospectus are available for purchase in all states. You may purchase Fund shares only if they are registered in your state. seic.com

5 SEI / PROSPECTUS SEI INSTITUTIONAL MANAGED TRUST About This Prospectus F UND S UMMARY MULTI-ASSET ACCUMULATION FUND 1 MULTI-ASSET INCOME FUND 13 MULTI-ASSET INFLATION MANAGED FUND 24 MULTI-ASSET CAPITAL STABILITY FUND 36 Purchase and Sale of Fund Shares 46 Tax Information 46 Payments to Broker-Dealers and Other Financial Intermediaries 46 M ORE I NFORMATION A BOUT I NVESTMENTS 46 M ORE I NFORMATION A BOUT R ISKS 47 Risk Information Common to the Funds 47 More Information About Principal Risks 48 G LOBAL ASSET A LLOCATION 67 M ORE I NFORMATION A BOUT THE F UNDS B ENCHMARK I NDEXES 67 I NVESTMENT A DVISER 68 S UB-ADVISERS 70 Information About Fee Waivers 70 Management of the Multi-Asset Accumulation and Multi-Asset Inflation Managed Funds Subsidiaries 71 Sub-Advisers and Portfolio Managers 72 P URCHASING, EXCHANGING AND S ELLING F UND S HARES 76 H OW TO P URCHASE F UND S HARES 76 Pricing of Fund Shares 77 Frequent Purchases and Redemptions of Fund Shares 79 Foreign Investors 81 Customer Identification and Verification and Anti-Money Laundering Program 81 H OW TO E XCHANGE YOUR F UND S HARES 81 H OW TO S ELL YOUR F UND S HARES 82 Receiving Your Money 82 Methods Used to Meet Redemption Obligations 82 Low Balance Redemptions 82 Suspension of Your Right to Sell Your Shares 83 Large Redemptions 83 Telephone Transactions 83 Unclaimed Property 83 D ISTRIBUTION OF F UND S HARES 83 S ERVICE OF F UND S HARES 84 D ISCLOSURE OF P ORTFOLIO H OLDINGS I NFORMATION 84 D IVIDENDS, DISTRIBUTIONS AND TAXES 84 Dividends and Distributions 84 Taxes 84 A DDITIONAL I NFORMATION 87 F INANCIAL H IGHLIGHTS 88 H OW TO O BTAIN M ORE I NFORMATION A BOUT SEI INSTITUTIONAL M ANAGED T RUST Back Cover

6 SEI / PROSPECTUS 1 MULTI-ASSET ACCUMULATION FUND Fund Summary Investment Goal Total return, including capital appreciation and income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy and hold Fund shares. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Class F Shares Management Fees (of the Fund and Subsidiary) Management Fees of the Fund 0.75% Management Fees of the Subsidiary None Total Management Fees 0.75% Distribution (12b-1) Fees None Other Expenses (of the Fund and Subsidiary) Other Expenses of the Fund 0.56% Other Expenses of the Subsidiary None Total Other Expenses 0.56% Total Annual Fund Operating Expenses 1.31% EXAMPLE This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Multi-Asset Accumulation Fund Class F Shares $133 $415 $718 $1,579 PORTFOLIO TURNOVER The Fund will pay transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 28% of the average value of its portfolio.

7 2 SEI / PROSPECTUS Principal Investment Strategies Under normal circumstances, the Fund will seek to generate total return over time by selecting investments from among a broad range of asset classes based upon SEI Investments Management Corporation s (SIMC) or the sub-adviser s (each, a Sub-Adviser and collectively, the Sub-Advisers) expectations of risk and return. The asset classes used and the Fund s allocations among asset classes will be determined based on SIMC s or the Sub-Adviser s views of fundamental, technical or valuation measures. The Fund s allocations among asset classes may be adjusted over short periods of time. At any point in time, the Fund may be diversified across many asset classes or concentrated in a limited number of asset classes. The Fund may obtain its exposures to the asset classes by investing directly in securities and other investments or indirectly through the use of other pooled investment vehicles and derivative instruments. The Fund uses a multi-manager approach under the general supervision of SIMC, allocating its assets among one or more Sub-Advisers using different investment strategies. SIMC may also directly manage a portion of the Fund s portfolio. The Fund may allocate all or a portion of its assets using a risk parity approach that seeks to balance risk across all capital market exposures, which may result in asset classes with lower perceived risk having a greater notional allocation within the Fund s portfolio than asset classes with higher perceived risk. Notional allocation refers to the Fund s use of one or more derivative contracts to attempt to obtain exposure to a potential gain or loss on the market value of the instruments underlying the Fund s derivative contracts (e.g., a security, currency or commodity (or a basket or index)). The market value of such underlying instruments generally exceeds the amount of cash or assets required to establish or maintain the derivative contracts. In addition, the Fund may further adjust asset allocations and capital market exposures based on realized and expected measures of volatility with the goal of managing the Fund s volatility. This may result in the Fund increasing capital market exposures during periods of perceived falling risk and decreasing capital market exposures during periods of perceived rising risk. The Fund may invest in equity securities, including common stocks, preferred stocks, convertible securities, warrants and depositary receipts of U.S. and non-u.s. issuers (including emerging markets) of various market capitalizations and industries. The Fund may invest in fixed income securities that are investment or non-investment grade (also known as junk bonds), U.S.- or foreign-issued (including emerging markets) and corporate- or government-issued. The Fund s fixed income investments may include asset-backed securities, mortgage-backed securities, corporate bonds and debentures, commercial paper, exchange traded notes (ETNs), money market instruments, mortgage dollar rolls, repurchase and reverse repurchase agreements, when issued/delayed delivery securities, zero coupon bonds, obligations of foreign governments and obligations of either supranational entities issued or guaranteed by certain banks and entities organized to restructure the outstanding debt of such issuers. The Fund s fixed income investments may also include obligations of U.S. and foreign banks, such as certificates of deposit and time deposits, U.S. Treasury obligations, obligations issued by agencies or instrumentalities of the U.S. Government (including obligations not guaranteed by the U.S. Treasury), such as obligations issued by U.S. Government sponsored entities, and Treasury Inflation Protected Securities (TIPS) and other inflationlinked debt securities of both U.S. and non-u.s. governments and corporations. The Fund may invest in

8 SEI / PROSPECTUS 3 fixed, variable and floating rate fixed income instruments. The Fund s portfolio and the Fund s investments in particular fixed income securities are not subject to any maturity or duration restrictions. The Fund may also invest a portion of its assets in bank loans, which are, generally, non-investment grade floating rate instruments, in the form of participations in the loans or assignments of all or a portion of the loans from third parties. In addition to direct investment in securities and other instruments, the Fund may invest in affiliated and unaffiliated funds, including open-end funds, money market funds, closed-end funds and exchangetraded funds (ETFs) to obtain the Fund s desired exposure to an asset class. The Fund may also invest in real estate investment trusts (REITs) and securities issued by U.S. and non-u.s. real estate companies. A portion of the Fund s assets may also be invested in commodity investments to provide exposure to the investment returns of the commodities markets. Commodity investments include notes with interest payments that are tied to an underlying commodity or commodity index, ETFs or other exchange-traded products that are tied to the performance of a commodity or commodity index or other types of investment vehicles or instruments that provide returns that are tied to commodities or commodity indexes. The Fund may also invest in equity securities of issuers in commodity-related industries. The Fund may also seek to gain exposure to the commodity markets, in whole or in part, through investments in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts and commodity investments (including through derivatives). The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is advised by SIMC. The Fund, either directly or through its investment in the Subsidiary, may also purchase or sell futures contracts, options, forward contracts and swaps to obtain the Fund s desired exposure to an asset class or for return enhancement or hedging purposes. Futures contracts, forward contracts, options and swaps may be used to synthetically obtain exposure to securities or baskets of securities and to manage the Fund s interest rate duration and yield curve exposure. Due to the Fund s structure and level of turnover, derivative instruments may be an efficient method of obtaining exposure to various types of markets. Interest rate swaps are further used to manage the Fund s yield spread sensitivity. Securities index swaps may be used to obtain exposure to different U.S. and foreign equity markets. Futures and swaps on futures may be used to gain exposure to U.S. and foreign sovereign bond markets, equity markets and commodities markets. The Fund may sell credit default swaps to more efficiently gain credit exposure to a security or basket of securities. The Fund may invest in U.S. dollar and non-u.s. dollar denominated securities. The Sub-Advisers may also seek to enhance the Fund s return by actively managing the Fund s foreign currency exposure. In managing the Fund s currency exposure, the Sub-Advisers may buy and sell currencies (i.e., take long or short positions) using futures and foreign currency forward contracts. The Fund may take long and short positions in foreign currencies in excess of the value of the Fund s assets denominated in a particular currency or when the Fund does not own assets denominated in that currency. The Fund may also engage in currency transactions in an attempt to take advantage of certain inefficiencies in the currency exchange market, to increase its exposure to a foreign currency or to shift exposure to foreign currency

9 4 SEI / PROSPECTUS fluctuations from one currency to another. In managing the Fund s currency exposure from foreign securities, the Sub-Advisers may buy and sell currencies for hedging or for speculative purposes. Principal Risks The success of the Fund s investment strategy depends both on SIMC s selection of the Sub-Advisers and allocation of assets to such Sub-Advisers. The Sub-Advisers may be incorrect in assessing market trends or the value or growth capability of particular securities or asset classes. In addition, the methodology by which SIMC allocates the Fund s assets to the Sub-Advisers may not achieve desired results and may cause the Fund to lose money or underperform other comparable mutual funds. The Sub-Advisers and any underlying funds in which it invests may apply any of a variety of investment strategies and may invest in a broad range of asset classes, securities and other investments to achieve those investment strategies. The principal risks of using such investment strategies and making investments in such asset classes, securities and other investments are set forth below. Because an underlying fund s use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Fund s use of such strategy or investment in such asset class, security or other investment, the term the Fund in the paragraphs below collectively refers to both the Fund and each underlying fund. Asset-Backed Securities Risk Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities. Securitization trusts generally do not have any assets or sources of funds other than the receivables and related property they own, and asset-backed securities are generally not insured or guaranteed by the related sponsor or any other entity. Asset-backed securities may be more illiquid than more conventional types of fixed-income securities that the Fund may acquire. Bank Loans Risk With respect to bank loans, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation in the loan. The Fund may also have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. Below Investment Grade Securities (Junk Bonds) Risk Fixed income securities rated below investment grade (junk bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. Because these securities typically offer a higher rate of return to compensate investors for these risks, they are sometimes referred to as high yield bonds, but there is no guarantee that an investment in these securities will result in a high rate of return. These risks may be increased in foreign and emerging markets. Commercial Paper Risk Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections

10 SEI / PROSPECTUS 5 received from such issuer s underlying asset portfolio and the issuer s ability to issue new asset-backed commercial paper. Commodity Investments and Derivatives Risk Commodity investments and derivatives may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodityrelated equity returns can also be affected by the issuer s financial structure or the performance of unrelated businesses. The value of a commodity investment or a derivative investment in commodities is typically based upon the price movements of a physical commodity, a commodity futures contract or commodity index or some other readily measurable economic variable that is dependent upon changes in the value of commodities or the commodities markets. The value of these securities will rise or fall in response to changes in the underlying commodity or related benchmark or investment, changes in interest rates or factors affecting a particular industry or commodity, such as natural disasters, weather and U.S. and international economic, political and regulatory developments. Commodity-Linked Securities Risk Investments in commodity-linked securities may be more volatile and less liquid than direct investments in the underlying commodities themselves. Commodity-related equity returns can also be affected by the issuer s financial structure or the performance of unrelated businesses. Convertible and Preferred Securities Risk Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. Corporate Fixed Income Securities Risk Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as to perceptions of the creditworthiness and business prospects of individual issuers. Credit Risk The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. Currency Risk As a result of the Fund s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in U.S. or abroad. Depositary Receipts Risk Depositary receipts, such as American Depositary Receipts (ADRs), are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments.

11 6 SEI / PROSPECTUS Derivatives Risk The Fund s use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Leverage risk, liquidity risk and market risk are described below. Many over-the-counter (OTC) derivative instruments will not have liquidity beyond the counterparty to the instrument. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund s use of forward contracts and swap agreements is also subject to credit risk and valuation risk. Valuation risk is the risk that the derivative may be difficult to value and/or may be valued incorrectly. Credit risk is described above. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument. Some derivatives have the potential for unlimited loss, regardless of the size of the Fund s initial investment. The other parties to certain derivative contracts present the same types of credit risk as issuers of fixed income securities. The Fund s use of derivatives may also increase the amount of taxes payable by shareholders. Both U.S. and non-u.s. regulators are in the process of adopting and implementing regulations governing derivatives markets, the ultimate impact of which remains unclear. Duration Risk The longer-term securities in which the Fund may invest tend to be more volatile than shorter-term securities. A portfolio with a longer average portfolio duration is more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration. Equity Market Risk The risk that stock prices will fall over short or extended periods of time. Exchange-Traded Funds (ETFs) Risk The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities. Leveraged ETFs contain all of the risks that non-leveraged ETFs present. Additionally, to the extent the Fund invests in ETFs that achieve leveraged exposure to their underlying indexes through the use of derivative instruments, the Fund will indirectly be subject to leverage risk, described below. Leveraged Inverse ETFs seek to provide investment results that match a negative multiple of the performance of an underlying index. To the extent that the Fund invests in Leveraged Inverse ETFs, the Fund will indirectly be subject to the risk that the performance of such ETF will fall as the performance of that ETF s benchmark rises. Leveraged and Leveraged Inverse ETFs often reset daily, meaning that they are designed to achieve their stated objectives on a daily basis. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of their underlying index or benchmark during the same period of time. These investment vehicles may be extremely volatile and can potentially expose the Fund to significant losses. Exchange-Traded Notes (ETNs) Risk The value of an ETN is subject to the credit risk of the issuer. There may not be an active trading market available for some ETNs. Additionally, trading of ETNs may be halted or the ETN may be delisted by the listing exchange. Extension Risk The risk that rising interest rates may extend the duration of a fixed income security, typically reducing the security s value. Fixed Income Market Risk The prices of the Fund s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund s fixed income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed income

12 SEI / PROSPECTUS 7 markets. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. In response to these events, the Fund s value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund s liquidity or force the Fund to sell securities into a declining or illiquid market. Foreign Investment/Emerging Markets Risk The risk that non-u.s. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Foreign Sovereign Debt Securities Risk The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. Income Risk The possibility that the Fund s yield will decline due to falling interest rates. Inflation Protected Securities Risk The value of inflation protected securities, including TIPS, will typically fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation. Interest Rate Risk The risk that a rise in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. A low interest rate environment may present greater interest rate risk because there may be a greater likelihood of rates increasing and rates may increase more rapidly. Investment Company Risk When the Fund invests in an investment company, including closed-end funds and ETFs, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the investment company s expenses. Further, while the risks of owning shares of an investment company generally reflect the risks of owning the underlying investments of the investment company, the Fund may be subject to additional or different risks than if the Fund had invested directly in the underlying investments. For example, the lack of liquidity in an ETF could result in its value being more volatile than that of the underlying portfolio securities. Closed-end investment companies issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. As a result, a closed-end fund s share price fluctuates based on what another investor is willing to pay rather than on the market value of the securities in the fund. Investment in the Subsidiary Risk The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the 1940 Act) and, unless otherwise noted in this prospectus, is not subject to

13 8 SEI / PROSPECTUS all of the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies. In addition, changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as intended and could negatively affect the Fund and its shareholders. Leverage Risk The Fund s use of derivatives may result in the Fund s total investment exposure substantially exceeding the value of its portfolio securities and the Fund s investment returns depending substantially on the performance of securities that the Fund may not directly own. The use of leverage can amplify the effects of market volatility on the Fund s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund s use of leverage may result in a heightened risk of investment loss. Liquidity Risk The risk that certain securities may be difficult or impossible to sell at the time and price that the Fund would like. The Fund may have to lower the price of the security, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance. Market Risk The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Mortgage-Backed Securities Risk Mortgage-backed securities are affected significantly by the rate of prepayments and modifications of the mortgage loans backing those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-backed securities are particularly sensitive to prepayment risk, which is described below, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities; however, the timing and amount of prepayments cannot be accurately predicted. The timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund s actual yield to maturity on any mortgage-backed securities, even if the average rate of principal payments is consistent with the Fund s expectation. Along with prepayment risk, mortgagebacked securities are significantly affected by interest rate risk, which is described above. In a low interest rate environment, mortgage loan prepayments would generally be expected to increase due to factors such as refinancings and loan modifications at lower interest rates. In contrast, if prevailing interest rates rise, prepayments of mortgage loans would generally be expected to decline and therefore extend the weighted average lives of mortgage-backed securities held or acquired by the Fund. Mortgage Dollar Rolls Risk Mortgage dollar rolls are transactions in which the Fund sells securities (usually mortgage-backed securities) and simultaneously contracts to repurchase substantially similar, but not identical, securities on a specified future date. If the broker-dealer to whom the Fund sells the security becomes insolvent, the Fund s right to repurchase the security may be restricted. Other risks involved in entering into mortgage dollar rolls include the risk that the value of the security may change adversely over the term of the mortgage dollar roll and that the security the Fund is required to repurchase may be worth less than the security that the Fund originally held. Non-Diversified Risk The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or

14 SEI / PROSPECTUS 9 political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. Opportunity Risk The risk of missing out on an investment opportunity because the assets necessary to take advantage of it are tied up in other investments. Prepayment Risk The risk that, in a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Real Estate Industry Risk Securities of companies principally engaged in the real estate industry may be subject to the risks associated with direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. Real Estate Investment Trusts (REITs) Risk REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund s investments in REITs are subject to the risks associated with the direct ownership of real estate, which are discussed above. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. Repurchase Agreement Risk Although the Fund s repurchase agreement transactions will be fully collateralized at all times, they generally create leverage and involve some counterparty risk to the Fund whereby a defaulting counterparty could delay or prevent the Fund s recovery of collateral. Short Sales Risk A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as covering the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund that is potentially unlimited. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. In addition, shorting a future contract may require posting only a margin that may amount to less than notional exposure of the contract. Such a practice may exacerbate the loss in a case of adverse price action. Small and Medium Capitalization Risk The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-thecounter or listed on an exchange. Tax Risk The Fund may gain most of its exposure to the commodities markets through its investment in the Subsidiary, which invests in commodity investments and derivative instruments. To the extent the Fund invests in such instruments directly, it will seek to restrict its income from commodity-linked derivative instruments that do not generate qualifying income, such as certain commodity-linked derivative instruments, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with certain qualifying income tests necessary for the Fund to qualify as a regulated investment company (RIC) under Subchapter M of the

15 10 SEI / PROSPECTUS Internal Revenue Code of 1986, as amended, as described in more detail in the SAI. The tax treatment of certain commodity-linked derivative instruments may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of the Fund s taxable income or gains and distributions. The Fund intends to hold certain commodity-related investments indirectly, through the Subsidiary. The Fund believes that income from the Subsidiary will be qualifying income because it expects that the Subsidiary will make annual distributions of its earnings and profits. The Fund has secured an opinion of counsel based on customary representations that actual distributions made to the Fund from its Subsidiary should be treated as qualifying income. If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund s taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. Failure to comply with the requirements for qualification as a RIC would have significant negative tax consequences to Fund shareholders. U.S. Government Securities Risk Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency s own resources. Warrants Risk Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. A warrant ceases to have value if it is not exercised prior to its expiration date. Investing in the Fund involves risk, and there is no guarantee that the Fund will achieve its investment goal. You could lose money on your investment in the Fund, just as you could with other investments. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Information The bar chart and the performance table below provide some indication of the risks of investing in the Fund by showing changes in the Fund s performance from year to year for the past five calendar years and by showing how the Fund s average annual returns for 1 and 5 years, and since the Fund s inception compare with those of a broad measure of market performance. The Fund s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. For current performance information, please call DIAL-SEI.

16 SEI / PROSPECTUS 11 16% Best Quarter: 6.49% (06/30/14) Worst Quarter: -8.42% (06/30/13) Average Annual Total Returns (for the periods ended December 31, 2017) This table compares the Fund s average annual total returns to those of a broad-based index and the Fund s 60/40 Blended Benchmark, which consists of the MSCI World Index (Net) (Hedged) (USD) (60%) and the Bloomberg Barclays Global Aggregate Index, Hedged (USD) (40%). The Fund s Blended Benchmark is designed to provide a useful comparison to the Fund s overall performance and more accurately reflects the Fund s investment strategy than the broad-based index. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Since Inception Multi-Asset Accumulation Fund Class F 1 Year 5 Years (4/9/2012) Return Before Taxes 13.07% 4.91% 5.52% Return After Taxes on Distributions 11.35% 2.97% 3.62% Return After Taxes on Distributions and Sale of Fund Shares 8.00% 3.10% 3.61% MSCI World Index (Net) (Hedged) (USD) Index (reflects no deduction for fees, expenses or taxes) 19.13% 13.42% 12.87% The Fund s Blended Benchmark Return (reflects no deduction for fees, expenses or taxes) 12.45% 9.28% 9.10% Index returns are shown from April 30, Management Investment Adviser and Portfolio Manager. SEI Investments Management Corporation Portfolio Manager Experience with the Fund Title with Adviser Steven Treftz, CFA Since 2012 Portfolio Manager